Despite what you might think, a mortgage broker and mortgage banker can have far more responsibilities than just helping a client find a loan. It is not always a smooth process as there are lots of things which can and will go wrong. For most, they don’t have a lot of trouble when they are applying for a loan but there are quite a few who end up with a heap of trouble on their hands. So, what are the responsibilities of a mortgage banker and broker?
Explaining Why a Mortgage Has Been Declined
Potential buyers can apply for a mortgage loan but not all applicants are approved for a loan. Mortgage brokers Melbourne has the unpleasant task of writing and explaining to an applicant as to why their loan has been rejected. There are usually several reasons why someone or a couple can be rejected for a mortgage loan and it’s important to understand these reasons. A broker has the responsibility to explain in great detail why the loan has been declined. For most people, once their applications are declined they don’t have a lot of options available to them after that than trying another lender. However, brokers and bankers must explain why they’ve been rejected or declined for the loan. Learn more.
Sending GFE to Clients
Every buyer is given a GFE – a good faith estimate – and this estimate tells buyers about the fees which surround a mortgage and buying a home. For example, there are fees charged for carrying out appraisals of the home as well as necessary home reports. These bring about fees and mortgage brokers and bankers have to explain these fees to clients. A mortgage broker must explain the fees in great detail so that the clients understand what monies they are being charged and for what.
Evaluation of a Loan
A mortgage banker has the responsibility of evaluating a borrower’s loan application. Every property buyer must understand in full what they are getting with their loan but also, the lender must … Read the rest...Read More